Booz Allen Hamilton Holding Corp (NYSE: BAH) is a government technology and consulting company that provides advisory, analytics, engineering, and cybersecurity services primarily to U.S. federal agencies. Revenue is generated through contracts with the U.S. government, structured as cost-reimbursable, time-and-materials, and fixed-price arrangements, with fixed-price contracts recognized using a cost-based input method tied to Estimates-at-Completion. As of March 31, 2026, the company held $10.7 billion in remaining performance obligations, up from $9.5 billion as of March 31, 2025, with approximately 65% expected to convert to revenue within 12 months. The business is concentrated in defense, intelligence, and national security end markets. CEO Horacio Rozanski, who also serves as Chairman, signed the 10-K filed May 22, 2026. The company operates an active share repurchase program, most recently expanded by $500 million to a cumulative $4,085 million authorization as of October 22, 2025, with approximately $684 million remaining as of March 31, 2026.

Revenue model

Government contracts structured as cost-reimbursable, time-and-materials, and fixed-price arrangements. Fixed-price contracts use a cost-based input method with Estimate-at-Completion reviews. Revenue is recognized as performance obligations are satisfied, with the majority of contracted work funded on an annual Congressional appropriations cycle even when contracts span multiple years.

Products and services

Advisory and consulting services, analytics, engineering, cybersecurity products and services, advanced defense and technology systems development and implementation, and artificial intelligence applications including agentic, physical, and adversarial AI tools deployed in client engagements.

Customers and end markets

Primarily U.S. federal government agencies with concentration in defense, national security, and intelligence end markets. Contracts are subject to annual Congressional appropriations and are typically only partially funded at any point during their term.

Value-chain role

Prime contractor and subcontractor designing, developing, and implementing advanced defense and technology systems for U.S. government clients. The company holds CMMC Level 2 cybersecurity certification required for eligibility on certain defense contracts, and complies with DFARS and NIST SP security controls.

Geographic exposure

Operations are concentrated in the United States, serving U.S. government customers. The company is also subject to EU GDPR and UK GDPR, indicating some international data processing activity.

Source: SEC 10-K, filed 2026-05-22

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